The Grameen Bank Bill 2013 was placed in parliament today with a proposal for bringing the micro-credit institution under the watch of the central bank.
Three other bills were also placed in the House. The bills are the Brick Manufacturing and Brick Kiln Setting up (Control) Bill 2013, the Asian Reinsurance Corporation Bill 2013 and the Geographical Indication (Registration and Protection) Bill, 2013.
Finance Minister AMA Muhith placed the Grameen Bank Bill and the Asian Reinsurance Corporation Bill while Industries Minister Dilip Borua placed the Geographical Indication (Registration and Protection) Bill in parliament. Environment and Forests Minister Dr Hasan Mahmud placed the Brick Manufacturing and Brick Kiln Setting up (Control) Bill.
The Grameen Bank Bill, if passed, will replace the Grameen Bank Ordinance 1983 and bring the micro-credit institution under the watch of the central bank.
The bill also proposed specific three-year tenure for the Grameen Bank’s board of directors and its authorised capital of Taka 1,000 crore from the existing Taka 350 crore. The bank’s paid-up capital will be increased to Taka 300 crore from Taka 50 crore.
As per the bill, the Grameen Bank has to submit its annual report to the Bangladesh Bank.
According to the bill, the bank will have a chairman who will be appointed from the directors to be appointed by the government. It will also have a managing director who will be appointed from a three-member panel following recommendations of the board as per the bank’s rules.
The managing director will be a full time chief executive officer and his/her service tenure would be maximum 60 years.
-With The Independent input
